Historic Cowra Station, set on the banks of the Murray River in Victoria's far north-west, has been sold having come with price expectations of between $4.5 milllon and $5 million.
Fairfax Media put the sale to an irrigation farmer as between $4.4 million and $4.5 million.
It has a total area of 10,349 acres.
The sale of Cowra Station, which has 12 kilometres of Murray River frontage, was identified by valuers Herron Todd White as a "noteworthy sale."
"The property had been on the market for many years, waiting for a buyer intending to undertake some form of irrigation development," HTW said.
The Pippins were only the third owners of the property which dates back to the 1860s when it operated as a cattle resting station on route from Queensland to Adelaide.
It was previously owned by the Crozier family.